On Signing Agreement between Vnesheconombank, OJSC Tekhnokhim Holding and Saraf Agencies Private Ltd
Press Release, 25.01.2007
Today on January 25 in the course of Russian President Vladimir Putin’s formal visit to the Republic of India Vnesheconombank signed a trilateral agreement on cooperation with Russian OJSC Tekhnokhim Holding and Indian Saraf Agencies Private Ltd.
The agreement was signed by Vnesheconombank Chairman Vladimir Dmitriev, Tekhnokhim Holding General Director Leonid Bobkovand Saraf Agencies Private Managing Director Sanvar M. Shroff.
The Agreement aims to establish strategic partnership and expand long-term effective and mutually beneficial cooperation in order to prepare schemes of projects carried out on India’s territory in an attempt to establish a joint Russian-Indian venture. This will be high-technology chemical and metallurgical works to produce titanium dioxide and other titanium products on the Indian territory (the state of Orissa) and it will be the main production facility within the Special Economic Zone.
The integrated works incorporates the following basic production facilities: metallurgical production facility for smelting iron and titanium slag from ilmenite, chemical production facility for chlorinating titanium slag and producing vanadium pentoxide from titanium dioxide chlorides, chemical metallurgical facility for producing titanium sponge by way of reducing titanium tetrachloride with magnesium.
Russia’s share in the authorized capital of this production facility is expected to amount to 55%. The joint venture plans to supply 30 thousand tons of titanium dioxide a year to Russian consumers and up to 45 thousand tons of titanium slag a year and, if required, titanium sponge as well.
Tekhnokhim Holding is involved in chemical developments, trade in agrochemicals, synthetic resins, plastics and dyes.
Indian Saraf Agencies Private Ltd is a large cement-asbestos holding.
Origin: Press Office of Vnesheconombank
Contact person: Svetlana Nikitina
Phone: +7 (495) 208-46-93, Fax: + 7 (495) 975-21-34
E-mail: press@veb.ru
In accordance with EC 560/2001 directive on specifying IBAN (International Bank Account Number) codes in payment instructions on a mandatory basis, from 01.01.2007 required details for payments in favor of customers whose banks are in the countries incorporated in the European Union and/ or the European Economic Union should include IBAN code. From 01.01.2007, banks are entitled to stop making payments in which account numbers are not specified in IBAN format and in doing so, they can withhold additional commission for refunding payments. This requirement is to be applicable to payments in euros and Swedish kronas in favor of customers whose banks are in European Union/European Economic Union countries.
In connection with this, we would like to ask you to specify the numbers of beneficiaries’ accounts in IBAN format. For more information on using IBAN code do not hesitate to visit the official website of the European Committee for Banking Standards – http://www.ecbs.org/ .
Origin: VEB Press Office
Persons: Svetlana Nikitina
Phone: +7 (495) 208-46-93, Fax: +7 (495) 975-21-34
E-mail: press@veb.ru